Annual and final technical report for EL 26928, for the period 30 July 2007 to 16 August 2012

Abstract

Exploration work undertaken by Australis on EL26928 since the tenement was granted in July 2009 included: A literature review of all the exploration undertaken on the or adjacent to EL 26928; a review of the Geophysical Data by Resource Potentials; Target generation and ranking by Ravensgate; and a site visit and a scintillometer traverse over the most prominent radio-metric anomaly in the central part of the tenement. As a result of the site visit a decision has been made to relinquish the tenement in full. The radiometric anomaly identified by the airborne survey was barely above background levels and appears to be a regional feature which is probably associated with the underlying Austral Limestone formation as opposed to a discrete or distinct uranium anomaly. EL 26928 is also not considered prospective for phosphate mineralization due to the fact that it is not located close to the edge of the Georgina basin or basement highs where phosphate deposits were most likely to be deposited. The base metal potential of the EL is also considered to be limited, and the depth to Proterozoic basement rocks is considered to be too deep, with any exploration likely to prove costly.